Page:United States Statutes at Large Volume 109 Part 1.djvu/777

 PUBLIC LAW 104-67—DEC. 22, 1995 109 STAT. 761 shall bar all future claims for contribution arising out of the action— "(i) by any person against the settling covered person; and "(ii) by the settling covered person against any person, other than a person whose liability has been extinguished by the settlement of the settling covered person. "(B) REDUCTION.—I f a covered person enters into a settlement with the plaintiff prior to final verdict or judgment, the verdict or judgment shall be reduced by the greater of— "(i) an amount that corresponds to the percentage of responsibility of that covered person; or "(ii) the amount paid to the plaintiff by that covered person. "(8) CONTRIBUTION.— A covered person who becomes jointly and severally liable for damages in any private action may recover contribution from any other person who, if joined in the original action, would have been liable for the same damages. A claim for contribution shall be determined based on the percentage of responsibility of the claimant and of each person against whom a claim for contribution is made. "(9) STATUTE OF LIMITATIONS FOR CONTRIBUTION.— In any private action determining liability, an action for contribution shall be brought not later than 6 months after the entry of a final, nonappealable judgment in the action, except that an action for contribution brought by a covered person who was required to make an additional payment pursuant to paragraph (4) may be brought not later than 6 months after the date on which such payment was made. "(10) DEFINITIONS.— For purposes of this subsection— "(A) a covered person 'knowingly commits a violation of the securities laws'— "(i) with respect to an action that is based on an untrue statement of material fact or omission of a material fact necessary to make the statement not misleading, if — "(I) that covered person makes an untrue statement of a material fact, with actual knowledge that the representation is false, or omits to state a fact necessary in order to make the statement made not misleading, with actual knowledge that, as a result of the omission, one of the material representations of the covered person is false; and "(II) persons are likely to reasonably rely on that misrepresentation or omission; and "(ii) with respect to an action that is based on any conduct that is not described in clause (i), if that covered person engages in that conduct with actual knowledge of the facts and circumstances that make the conduct of that covered person a violation of the securities laws; "(B) reckless conduct by a covered person shall not be construed to constitute a knowing commission of a violation of the securities laws by that covered person;

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